Oil prices continued their upward trend following reports of US strikes on Iranian tankers near Kharg Island, a key crude-export hub. These strikes have heightened tensions and raised concerns about potential disruptions in the Strait of Hormuz.
West Texas Intermediate (WTI) crude surpassed $94 per barrel, marking its seventh consecutive session of gains. Brent crude, the international benchmark, settled near $98 a barrel. A US official stated that the targeted vessels are linked to Iran's Islamic Revolutionary Guard Corps and that the strikes were a response to attempted missile attacks on a US warship.
The escalating hostilities in the Middle East have fueled fears of deeper supply disruptions, pushing oil prices higher. This event contributed to a broader sentiment of increased risk in the region, affecting global oil markets.
